Forex4you's Blog – August 2010 Archive (20)
Forex4you Technical Analysis 31/08/10
Prices sank lower yesterday but there was a sharp bullish push on the hourly chart this morning. This may signal the next wave up, which is probably the C wave of a zig-zag pattern which is correcting the 5-wave move down from the Aug 6th highs.
C could end at significant resistance highs at 1.2920 and this is also the terminus of the wave 4 of lesser degree –a common endpoint for corrections. A more… Continue
Added by Forex4you on August 31, 2010 at 7:56am — No Comments
Forex4you Technical Analysis 30/08/10
As long as the 1.2674 lows hold then prices should continue higher reaching 1.2920 eventually, if not 1.2950. At that level they will encounter a cluster of resistance from the 50% Fibonacci retracement, the broken trend-line of the move up from the June lows and they will probably reverse and resume their downtrend.…
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Added by Forex4you on August 30, 2010 at 7:14am — No Comments
Forex4you Technical Analysis 27/08/10
This pair may be in the process of tracing out an intermediate Elliot flat pattern. We are probably nearing the end of minor wave B which began on the 20th July. Initially there may be some more downside as B ends but once it has completed, wave C up should last several weeks and reach the 0.8450s possibly even 0.85s. An initial target might be resistance at 0.8340. With volatility readings reaching low extremes on ATR… Continue
Added by Forex4you on August 27, 2010 at 7:43am — No Comments
Forex4you Technical Analysis 26/08/10
This pair is probably close to completing the recent correction and resuming is descent. It is possible that over the next day it will drop back down to either 1.2620, or the 1.2580 lows, possibly even as far as 1.2550 as minuette wave 5 unfolds. This last wave should complete the whole minor degree move down from the 6th August highs. It is probable the following correction of that whole move will reach at least… Continue
Added by Forex4you on August 26, 2010 at 7:30am — No Comments
Forex4you Technical Analysis 25/08/10
Pullback upwards, suggested by MASD divergence, is about to start, like it had been assumed yesterday. After support 1.2620 breakout, the price met level 1.2580/85, but didn’t make it to the target 1.2540, and resumed its upward movement. The trading is now carried on at 1.2690/1.2700. Indicators are more and more turned to R% growth, but SS remains oversold, smoothing over expectations concerning a possible price… Continue
Added by Forex4you on August 25, 2010 at 7:42am — No Comments
Forex4you Technical Analysis 24/08/10
The pair is descending, like it had been mentioned in the previous commentary, the price tested the first support 1.2620 and is now making attempts to breach it. Indicators’ readings are saying in favor of such turn of events, and level 1.2540 is going to be the next barrier on the way downwards and will probably be tested in the nearest time. At the same time, we also have to pay attention to MACD divergence, which is… Continue
Added by Forex4you on August 24, 2010 at 6:48am — No Comments
Forex4you Technical Analysis 23/08/10
Support 1.2730 was breached and the price fixed below, which can be considered as an evidence for the “bearish” scenario to start. Having tested levels 1.2680/90, the trading is currently carried on at 1.2700/10. Indicators are more inclined to a “bearish trend”, making a further downward movement a high-possibility. Supports 1.2620/30 and 1.2540 are likely to be tested soon. A rise and fixation above 1.2820 are seen… Continue
Added by Forex4you on August 23, 2010 at 7:55am — No Comments
Forex4you Technical Analysis 20/08/10
A reversal in the pair doesn’t suggest any significant changes on today’s session either. Sideways rage consolidation is likely to continue. We can only expect levels 1.2870/90 and 1.2730/20 testing for strength, which are currently define the range. Previous comments are in force – a rise above 1.2870 and level 1.3010/20 testing are not enough to change the market moods. It will only be a possibility if the price… Continue
Added by Forex4you on August 20, 2010 at 7:42am — No Comments
Forex4you Technical Analysis 18/08/10
The trading is carried on in the range 1.2870/60 - 1.2730/10 and attempts to go beyond this range are not successful at the moment. The trading is currently making a new attempt to fix above 1.2870 and is carried on at 1.2880/85. Indicators show growth, so the price has chances to make it. If it happens, level 1.3010/20 will be tested, but again, as mentioned in the previous comment, we shouldn’t expect any change of… Continue
Added by Forex4you on August 18, 2010 at 8:16am — No Comments
Forex4you Technical Analysis 17/08/10
The pair remained in the range, limited by levels 1.2870/60 and 1.2730/10, as it had been mentioned earlier, but having breached this resistance it's now making attempts to fix above. Indicators show growth, so we can assume that these attempts will be successful. Nevertheless, even if it happens, the mood change is not likely to happen until the trading raises above resistance 1.3070-1.3110. A reversal to an uptrend… Continue
Added by Forex4you on August 17, 2010 at 8:16am — No Comments
Forex4you Technical Analysis 16/08/10
The euro’s recent decline appears to be bottoming out. The current rally may reach to around 1.2905 before rolling over, as it could be an Elliot wave 4 which would be expected to reach the terminus of the wave 4 of lesser degree, which is at 1.2910.
USD/JPY: Technical Analysis
As expected, the price reversed… Continue
Added by Forex4you on August 17, 2010 at 1:07am — No Comments
Forex4you Technical Analysis 13/08/10
The price went down below 1.2870 and is likely to fix here, because attempts to get back upwards, above this level, which is now a resistance, are not successful. Such state of events can be considered a signal for a reverse in this pair to the “bearish” trend. Indicators show the “bearish” mood again, which gives even more foundation for the previous assumption. If so, support 1.2730/00 is going to be a big challenge… Continue
Added by Forex4you on August 13, 2010 at 8:20am — No Comments
Forex4you Technical Analysis 12/08/10
The euro pared some of yesterdays loses overnight but this morning began falling again. It is probable that it will continue to fall perhaps to support from the 38.2% Fibonacci line and the monthly pivot combined at the level of 1.2780. Demand there may cause a bounce or something more substantial. Additional downside could see prices reach lower to support at the 1.2690s.…
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Added by Forex4you on August 12, 2010 at 8:16am — No Comments
Forex4you Technical Analysis 11/08/10
Targets for a descent, mentioned previously had been reached. After a resistance test, level 1.3110/20 was breached and the trading went down to 1.3020/30. After a slight pullback down, the pair currently resides at 1.3050/60. Indicators prefer the “bullish” trend, and so further descending is a possibility. Support 1.3020/00 breakout will indicate a further downward movement to support 1.2870, which had lately been… Continue
Added by Forex4you on August 11, 2010 at 8:15am — No Comments
Forex4you Technical Analysis 10/08/10
Prices are falling sharply after making new highs on Friday. Given we witnessed an Elliot ‘5th wave failure’ at the highs it is likely prices will drop to below the former lows, probably to at least 1.3105 before consolidating. If prices fail to break the 1.3135 lows however and then start to rally strongly then it may be a new uptrend has already begun, which could take prices to new highs – but this interpretation… Continue
Added by Forex4you on August 11, 2010 at 1:17am — No Comments
Forex4you Technical Analysis 09/08/10
The “bullish” moods proved to be dominating, and the price has breached resistance 1.3270, tested level 1.3330/35 and now resides at 1.3270, which serves as the evidence of a strong support level. Indicators still show further growth, but with some weakening. MACD keeps on forming “bearish” divergence warning of a possible pullback down. If attempts to continue growth follow, the above mentioned resistance level 1.3380… Continue
Added by Forex4you on August 9, 2010 at 8:07am — No Comments
Forex4you Technical Analysis 06/08/10
The price is still consolidating in a sideways range between the levels 1.3270/50 - 1.3110/20. The trading is now carried on at 1.3200/10. Having made attempts to show an upward movement, indicators are now neutral. Such state of events will obviously preserve till the beginning of an American session, when the US labor report comes out. Technically, the price is still in the uptrend channel, and “bullish” positions… Continue
Added by Forex4you on August 6, 2010 at 7:35am — No Comments
Forex4you Technical Analysis 05/08/10
Assumptions that the price will test support 1.3110/20, the uptrend line (red lines), came true. The trading has tested level 1.3113 and is now pulling back upwards and being carried on at level 1.3160/70. Indicators show a downtrend, but hint of a possible reversal, especially for R%, which hadn’t managed to descend to the oversold zone. So, the price is likely to return to the resistance 1.3250/70 and attempts to… Continue
Added by Forex4you on August 5, 2010 at 8:00am — No Comments
Forex4you Technical Analysis 04/08/10
The price raised to 1.3270/60, as it was previously expected, and pulled back downwards, having met the resistance. Trading is now carried on at levels 1.3200/1.3190. Indicators are changing again, and R% prefers a downward movement at the moment, leaving the "overbought" levels. MACD stopped raising the bar charts and now keeps on forming divergence. Generally speaking, there were no significant changes, and the… Continue
Added by Forex4you on August 4, 2010 at 7:30am — No Comments
Forex4you Technical Analysis 03/08/10
The market is following an uptrend line, and the price not only reached 1.3200 level, mentioned in the previous commentary, it went even further and the trading is now carried on at level 1.3230. Indicators restored their “bearish” way, MACD is rising, creating divergence, which brings this growth into a question. The price is likely to continue its growth and resistance level 1.3270 will be a big challenge for the… Continue
Added by Forex4you on August 3, 2010 at 7:26am — No Comments
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